Edinburgh-based video security company IndigoVision said on Monday it acquired Lisbon-based Agorasys SA (Agora) for up to €3 million.

€2.3 million is payable in cash at completion to clear Agora’s existing financial indebtedness.

Agora was founded by Pedro Soares, chief executive officer and Bernardo Motta, international business development manager — together the “management shareholders — as a spin-out from Instituto Superior Tecnico, part of the University of Lisbon. 

The company provides a software platform that integrates different security systems from multiple vendors, including IndigoVision’s Control Center video management software. 

“Agora’s software provides business processes, procedures and auditing tools to allow users to audit and analyse the entire operation from any location with an internet connection,” said IndigoVision.

Agora revenues were €1.3 million for the year ended December 31, 2018.

“The acquisition of Agora represents an important building block in meeting the board of IndigoVision’s ambition to turn the group into one of the leading players in the video security solution space, for the benefit of our customers, our employees and our shareholders,” said IndigoVision.

” The first stage of the turnaround plan started two years ago with the restructuring of the board and the executive team.  

“This first stage was internally focused: running our business better, and involved significant organisational and senior personnel change across most departments.  

“While this process will remain ongoing, much of the heavy lifting has now been done.  

“Our revenues are growing and we have turned significant losses into profits, we have cash in the bank and a robust balance sheet with substantial working capital availability from our new debt facility.”